STOCKHOLM (Standard&Poor's) May 6, 2004--Standard&Poor's Ratings Services said today that its ratings and outlook on Sweden-based security service company Securitas AB (BBB+/Stable/A-2) will not change as a result of the group's announced offer to acquire U.K.-based security systems company Bell Group PLC for about Swedish krona 1.4 billion ($186 million). The acquisition would not materially change Securitas' business and financial risk profiles. For 2003, Bell would have added about 2% to Securitas' sales. Although Bell's operating margins are good, the security-systems market is very fragmented, and Securitas' market positions in this area are not as strong as in security services (mainly guarding). The cash offer will initially increase net debt levels, although during the course of
